PORTLAND, OR, UNITED STATES, August 25, 2021 /EINPresswire.com/ — Allied Market Research recently published a report, titled, "Tonic Water Market by Flavor (Plain and Flavored), Packaging Form (Bottles and cans), and Distribution Channel (On-Trade, Off-Trade, and Online Retail): Global Opportunity Analysis and Industry Forecast, 2021–2027".As per the report, the global tonic water industry was pegged at $805.4million in 2019, and is expected to garner $1.16 billion by 2027, growing at a CAGR of 7.3% from 2021 to 2027.
Drivers, restraints, and opportunities
Product innovation, premiumization, and expanding global consumer base drive the growth of the global tonic water market. However, availability of substitute products and low awareness of tonic water hamper the market growth. On the contrary, increase in demand for diet tonic water is expected to create lucrative opportunities for the market players.
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Major market players:
Dr. Pepper Snapple Group
East Imperial Beverage Corporation
London Essence Company
Thomas Henry GmbH & Co. KG
Franklin & Sons Ltd.
White Rock Products Corporation
The tonic water market analysis comprises flavor, packaging form, distribution channel, and region. By flavor, the market is bifurcated into plain and flavored. On the basis of packaging form, it is segregated into carton and bottle. According to distribution channel, it is classified into on-trade, off-trade and online retail. Region wise, the market is studied across North America, Europe, Asia-Pacific, and LAMEA.
On the basis of flavor, the plain category was the dominant segment in 2019 with 58.1% share in the market, owing to the fact that plain tonic water has been traditionally largely consumed as a mixer for alcoholic beverages. However, with changes in tastes and preferences of the consumers, the demand for flavored tonic water is expected to grow at a higher CAGR. This shift in demand is anticipated to create widespread flavored tonic water market opportunities.
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Depending on packaging form, the bottles segment was the dominant segment in 2019 with 62.9% share in the market, since they have been one of the most traditional means of packaging tonic water. Plastic bottles, were once regarded as the most popular and widely used form of tonic water packaging form. However, glass bottles have gained higher traction in the recent years owing to social elements and rise in on-trade segment.
As per distribution channel, the off-trade segment was the dominant segment in 2019 with 49.3% share in the tonic water market, since off-trade sales segment plays a crucial role in terms of quantity selling. Majority of the off-trade sales are generated through large supermarket chains. Sales strategies such as in-store promotions, tasting for selective products, membership offers and many others have enabled to spur the tonic water market growth sales through this segment.
Geographically, the market is segmented into:
Key findings of the study
By flavor, the plain tonic water segment was the highest contributor to the market, with $468.0 million in 2019, and is estimated to reach $655.1 million by 2027, at a CAGR of 6.8% during the forecast period.
By packaging form, the bottles segment was the highest contributor to the market, with $506.9 million in 2019, and is estimated to reach $759.9 million by 2027, at a CAGR of 7.7% during the tonic water market forecast period.
By distribution channel, the off-trade segment was the highest contributor to the market, with $397.4 million in 2019, and is estimated to reach $540.3 million by 2027, at a CAGR of 6.4% during the forecast period.
In 2019, Europe was the highest revenue contributor, accounting for $360.8 million in 2019, and is estimated to reach $495.6 million by 2027, with a CAGR of 6.5%.
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Since the COVID-19 outbreak, the sale of tonic water has been severely affected due to shutdown of bars, restaurants, and breweries.
However, customers have opted for online retail to stock-pile beverages during the initial stages of the lockdown.
In addition, ecommerce platforms have opened new opportunities as governments have imposed social distancing norm.
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Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports" and "Business Intelligence Solutions." AMR has a targeted view to provide business insights and consulting services to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domains. AMR offers its services across 11 industry verticals including Life Sciences, Consumer Goods, Materials & Chemicals, Construction & Manufacturing, Food & Beverages, Energy & Power, Semiconductor & Electronics, Automotive & Transportation, ICT & Media, Aerospace & Defense, and BFSI.
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Source: EIN Presswire